The Kurdistan Regional Government has signed a trade contract with the Republic of Belarus, AKnews reported on Sunday.
Last week a Belarusian delegation including the representatives of the Belarus trade and foreign ministries arrived in the Region.
Speaking to AKnews, Fida’eddin Gardi, a member at Erbil Chamber of Commerce and Trade, told AKnews the contract will facilitate businessmen from both sides, and provide opportunities for Kurdish entrepreneurs and industrialists to contribute to exhibitions in Belarus.
He noted "after assessing the content of the project for two days, we agreed to the contract".
Alexander Baillie, a member in the delegation, told AKnews once back in Belarus the delegation will put the contract into effect.
In an earlier statement, Baillie declared that Belarus hopes to establish four factories for manufacturing agricultural and mass utility vehicles. There are also plans for the production of agricultural and domestic equipment.
On its part, the Erbil chamber proposed that the delegation considers opening a representative office for trade in the Kurdistan Region.
"They thought the suggestion is worth considering and the head of the delegation promised to discuss it with the president of his country so that an office is established soon," he added.
A liberal foreign investment law was ratified in 2006 by the Kurdistan Regional Government, with incentives for foreign investors including up to 10 years of tax breaks and repatriation of profits. Currently more than 25 countries are investing in the Region, according to Kurdistan Investment Board.